26 November Daily Market Report


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26 November Daily Market Report

  1. 1. QE Intra-Day Movement Market Indicators 26 Nov 13 25 Nov 13 %Chg. 10,360 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 395.2 550,004.0 15.7 6,193 40 13:21 527.8 554,402.9 21.7 6,942 39 21:15 (25.1) (0.8) (27.6) (10.8) 2.6 – 10,340 10,320 10,300 Market Indices 10,280 10,260 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index declined 0.7% to close at 10,268.7. Losses were led by the Real Estate and Industrials indices, declining 1.4% and 1.0% respectively. Top losers were Vodafone Qatar and Medicare Group, falling 4.0% and 1.8% respectively. Among the top gainers, Salam International Investment Co. rose 2.9%, while Widam Food Co. gained 2.1%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,671.60 2,558.84 2,427.51 3,361.73 1,912.03 1,991.55 2,342.68 1,436.64 5,964.35 3,014.61 (0.7) (0.7) (0.8) (1.0) 0.3 (1.4) (0.1) (0.9) 0.1 (0.9) 0.6 0.4 (0.3) 0.1 2.7 5.5 (0.7) (0.5) 1.0 3.2 29.7 27.0 24.5 28.0 42.7 23.6 19.3 34.9 27.7 21.2 N/A 12.9 13.0 12.2 12.9 13.6 9.6 19.5 22.6 15.7 GCC Commentary GCC Top Gainers## Exchange Close# Saudi Arabia: The TASI index fell 0.6% to close at 8,298.5. Losses were led by the Transport and Cement indices, declining 1.8% and 1.3% respectively. Fitaihi Holding Group fell 4.3%, while United Int. Trans. Co. was down 3.5%. SPIMACO Saudi Arabia 1D% Vol. ‘000 59.00 2.6 845.4 35.0 Aluminium Bahrain Bahrain 0.51 2.0 11.2 18.1 Dubai: The DFM index rose 0.6% to close at 2,884.5. The Real Estate & Construction index gained 1.0%, while the Transportation index was up 0.7%. Takaful House surged 14.6%, while Takaful Emarat was up 4.3%. Arabtec Holding Co. Dubai 2.60 2.0 17,947.9 39.8 IFA Hotels & Resorts Kuwait 0.27 1.9 662.2 (25.3) Abu Dhabi: The ADX benchmark index gained marginally to close at 3,816.9. The Inv. & Fin. Ser. index rose 1.4%, while the Banking index was up 0.1%. Abu Dhabi Nat. Co. for B. & M. gained 2.7%, while Waha Capital was up 1.4%. Yanbu Nat. Petrochem. Saudi Arabia 67.25 42.2 GCC Top Losers Exchange Kuwait: The KSE index fell 0.5% to close at 7,798.1. The Telecomm. index declined 1.4%, while the Fin. Ser. index was down 0.9%. Boubyan Petrochem. Co. fell 7.9%, while Safwan Trading & Contracting Co. was down 7.6%. Nat. Bank of Fujairah Oman: The MSM index declined 0.4% to close at 6,726.3. Losses were led by the Banking & Inv. and Ser. & Ins. indices, falling 0.7% and 0.1% respectively. Dhofar Int. Dev. & Inv. declined 3.2%, while Oman United Insurance fell 2.0%. Bahrain: The BHB index rose 0.3% to close at 1,197.5. The Industrial index gained 2.0%, while the Commercial Banking index was up 0.7%. Aluminum Bahrain rose 2.0%, while Ahli United Bank was up 1.5%. Qatar Exchange Top Gainers Salam International Investment Co. YTD% 1.9 587.2 # 1D% Vol. ‘000 Dubai 3.33 (10.0) 1.0 (26.8) Boubyan Petrochem. Kuwait 0.58 (7.9) 1,641.8 N/A National Industries Co. Kuwait 0.24 (4.0) 6,847.6 11.2 Vodafone Qatar Qatar 10.85 (4.0) 3,736.6 29.9 Bahrain Telecomm. Bahrain 0.31 (3.8) 9.0 (16.1) ## Close YTD% Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) Close* 1D% Vol. ‘000 YTD% Close* 1D% Vol. ‘000 YTD% 12.55 2.9 3,421.0 (0.9) Vodafone Qatar 10.85 (4.0) 3,736.6 29.9 Medicare Group 53.70 (1.8) 90.6 50.4 Qatar Exchange Top Losers Widam Food Co. 48.30 2.1 122.6 (17.9) Qatar International Islamic Bank 60.00 1.7 656.8 15.4 Barwa Real Estate Co. 29.90 (1.8) 999.6 8.9 Qatar Navigation 90.00 1.4 244.6 42.6 Qatar Electricity & Water Co. 163.70 (1.7) 22.6 23.6 Islamic Holding Group 40.75 0.7 2.7 7.2 QNB Group 170.00 (1.6) 110.6 29.9 Qatar Exchange Top Val. Trades Close* 1D% Vol. ‘000 YTD% Close* 1D% Val. ‘000 YTD% Vodafone Qatar 10.85 (4.0) 3,736.6 29.9 Salam International Inv. Co. 12.55 2.9 43,180.0 (0.9) Salam International Investment Co. 12.55 2.9 3,421.0 (0.9) Vodafone Qatar 10.85 (4.0) 41,321.7 29.9 Mazaya Qatar Real Estate Dev. 11.70 (1.3) 2,144.6 6.4 Qatar International Islamic Bank 60.00 1.7 39,067.8 15.4 Barwa Real Estate Co. 29.90 (1.8) 999.6 8.9 Barwa Real Estate Co. 29.90 (1.8) 30,320.3 8.9 United Development Co. 23.53 (0.9) 900.3 32.2 Mazaya Qatar Real Estate Dev. 11.70 (1.3) 25,375.0 6.4 Qatar Exchange Top Vol. Trades Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Close 1D% WTD% MTD% YTD% 10,268.69 2,884.53 3,816.91 8,298.46 7,798.11 6,726.29 1,197.48 (0.7) 0.6 0.0 (0.6) (0.5) (0.4) 0.3 (0.1) (0.2) (0.4) (0.5) (0.6) (0.7) (0.4) 4.4 (1.3) (0.7) 3.2 (1.9) 0.8 (0.4) 22.8 77.8 45.1 22.0 31.4 16.8 12.4 Exch. Val. Traded ($ mn) 108.54 131.09 107.80 1,338. 28 96.38 33.64 0.80 Exchange Mkt. Cap. ($ mn) 151,086.1 68,973.3 110,059.2 451,065.2 109,695.3 24,072.2 49,488.6 P/E** P/B** 13.1 17.0 10.6 17.0 18.0 10.7 8.1 1.8 1.1 1.3 2.1 1.3 1.6 0.8 Dividend Yield 4.5 3.1 4.7 3.6 3.6 3.9 4.0 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 5
  2. 2. Qatar Market Commentary  The QE index declined 0.7% to close at 10,268.7. The Real Estate and Industrials indices led the losses. The index declined on the back of selling pressure from non-Qatari shareholders despite buying support from Qatari shareholders.  Vodafone Qatar and Medicare Group were the top losers, falling 4.0% and 1.8% respectively. Among the top gainers, Salam International Investment Co. rose 2.9%, while Widam Food Co. gained 2.1%. Overall Activity Buy %* Sell %* Net (QR) Qatari 71.72% 67.17% 17,982,636.46 Non-Qatari 28.28% 32.84% (17,982,636.46) Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Tuesday declined by 27.6% to 15.7mn from 21.7mn on Monday. However, as compared to the 30-day moving average of 10.6mn, volume for the day was 48.0% higher. Vodafone Qatar and Salam International Investment Co. were the most active stocks, contributing 23.8% and 21.8% to the total volume respectively. Global Economic Data Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 11/26 US Commerce Dept. Building Permits MoM September 11/26 US S&P S&P/CS 20 City MoM SA September 5.20% – -2.90% 1.03% 0.90% 11/26 US S&P 11/26 US S&P 11/26 US S&P S&P/CS Composite-20 YoY S&P/Case-Shiller Home Price Index NSA S&P/Case-Shiller US HPI YoY 0.90% September 13.29% 13.00% 12.80% September 165.66 165.0 164.5 11/26 US S&P S&P/Case-Shiller US HPI NSA 3Q2013 11.18% – 9.93% 3Q2013 150.92 – 146.29 11/26 US FHFA 11/26 US FHFA House Price Index MoM September 0.30% 0.40% 0.40% House Price Purchase Index QoQ 3Q2013 1.96% 2.00% 11/26 US 2.33% Commerce Dept. Consumer Confidence Index November 70.4 72.6 11/26 Italy 72.4 ISTAT Consumer Confidence Index November 98.3 97.5 97.3 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  ORDS launches $1.25bn, 5-year sukuk – Ooredoo (ORDS) has launched a $1.25bn, five-year debut sukuk at 160 basis points over swaps. The order book of this issue is over $5bn. The deal is expected to be priced later via DBS, Deutsche Bank, HSBC, QInvest and QNB. (Reuters)  Kahramaa: District cooling will reduce energy consumption by 40% – Qatar General Electricity & Water Corporation’s (Kahramaa) President Essa bin Hilal al Kuwari said that district cooling will reduce energy consumption by 30-40%. Al Kuwari also said the stadiums hosting the 2022 FIFA World Cup in Qatar will be powered by solar energy, with Kahramaa working on a project to produce 200MW power from solar energy by 2020. (Qatar Tribune, Peninsula Qatar)  QA to begin non-stop flights between Edinburgh Airport to Doha, increases capacity to Colombo – Qatar Airways (QA) is set to begin a non-stop flight between UK’s Edinburgh Airport and Doha in 2014. This service will be operated five days per week with a new Boeing 787 Dreamliner aircraft which will fly all year round on the route and provide connections to Australian hubs in Perth and Melbourne. QA has announced a significant increase in capacity to Sri Lanka beginning from January 1, 2014. QA expanded from a narrow-bodied Airbus 320 to the wide-bodied Boeing 777 for one of its triple-daily flights to Sri Lankan capital - Colombo. Meanwhile, QA has also launched non-stop daily flights to Clark International Airport in Pampanga, Philippines. (Bloomberg)  Soft launch for Hamad airport in January, Qatar’s logistics industry grows 12% – Qatar’s Transport Minister HE Jassim Seif Ahmed al-Sulaiti said the soft launch of the Hamad International Airport (HIA) will take place in January 2014. AlSulaiti said some flights will be operated from the new airport on a trial basis after the soft opening, while the airport’s cargo complex would be ready for opening on December 1. Meanwhile, the President of Qatar Association of Freight & Logistics Ali bin Abdul Latif al-Misnad said the logistics industry in Qatar has been growing at a phenomenal rate of about 12% and a similar growth was witnessed in the transport sector as well. (Gulf-Times.com)  Municipality status sought for Doha Industrial Area – Qatar’s Central Municipal Council (CMC) has urged that the Doha Industrial Area needs to be managed by a separate entity or a new municipality. A suggestion about changing or upgrading the area’s administrative status was submitted by Madinat Khalifa North’s CMC member Hamad Khalid al-Kubaisi at the council’s bi-weekly meeting. (Gulf-Times.com)  Qatari property deals reached QR2.6bn during November 17-21 – The Real Estate Registration Department at the Qatar’s Ministry of Justice said real estate transactions worth QR2.6bn were registered during November 17-21 in Qatar. Properties that were traded include open plots of land, two floors villas, annexes, houses and residential compounds and buildings located in the municipalities of Umm Salal, Al Khor, Doha, Al Rayyan, Al Shamal, Al Daayen, and Al Wakra. (Bloomberg) Page 2 of 5
  3. 3. International  ECB policymakers: No going it alone for government bond risk weightings – Policymakers at the European Central Bank (ECB) said the Eurozone should not go it alone and start assigning risk weightings to government bonds on banks’ books, unless such a move is internationally agreed. Basel III banking regulations, which are being gradually phased in, treat all localcurrency government bonds as risk-free, a rule that has been criticized particularly by German central bankers. However, ECB Executive Board members Benoit Coeure and Yves Mersch said that the proper arena for any discussion should be the Basel Committee and that common rules should then be applied locally. (Reuters)  BoE will not rush to raise rates as slack remains – The Bank of England Governor Mark Carney reiterated that BoE officials will not rush to raise interest rates even if the UK jobless rate reaches the 7% threshold. Carney said that there is a lot of slack in the UK economy as it recovers, and although 7% is a threshold, it will not be a trigger for a rate increase. (Bloomberg)  Bank of Ireland may sell stock to help redeem preference shares – The Bank of Ireland said it may sell new shares to help repay €1.8bn of state-owned preference shares, which the bank had to issue as part of its bailout in 2009. A successful redemption of its preference shares would be a big milestone for the bank, the Irish banking sector and for the Irish government ahead of the expected exit from an €85bn international bailout next month. The bank is keen to redeem the preference shares soon, because the cost of buying them back increases by 25% (€450mn) in March 2014 under the terms of its €4.8bn bailout. The Bank of Ireland said it would issue up to €600mn of its new equity to help repay the state. The remainder of the €1.8bn will be raised by issuing debt to private investors. (Reuters)  Moody's: Global sukuk market's long-term growth trends to continue – Moody's said the global sukuk issuance is likely to maintain its positive long-term growth trends, primarily driven by growing demand for Islamic banking assets and its increasing familiarity among Islamic and conventional investors. Additional drivers include the promotion of Islamic financial services among Muslim countries and the increasing standardization of unsecured sukuk structures. Moody's Senior Credit Officer Khalid Howladar said the strong growth in sukuk issuances reflect the growing investor comfort with these instruments as well as the increasing funding needs of sovereigns, companies and banks, particularly in Islamic countries. Howladar added that existing issuers as well as new entrants will become more comfortable with tapping Islamic money alongside conventional funding. Meanwhile, Moody's said that 2013 witnessed challenging conditions in emerging markets, and sukuk issuance amounted to around $50bn, which was lower than the record volumes of 2012. Despite that, it reflects positively on investor appetite for Shari’ah-compliant instruments and issuance by the end of 2013 will surpass levels recorded in 2011, when $51bn of sukuk were issued. (Moody’s press release) Regional  RCCI: Saudi firms gain better role in government procurements – The Riyadh Chamber of Commerce & Industry’s (RCCI) Chief Abdulrahman Al Zamil said that Saudi industrialists and chambers of commerce have successfully diverted government purchases worth SR16bn from abroad to Saudi firms. Al-Zamil said a 15-member RCCI team set up in September 2012, revealed this data after a follow-up on the implementation of royal decrees related to government procurement deals. (GulfBase.com)  ARDCO signs $242mn construction contract with MMRA – Arriyadh Development Company (ARDCO) has signed a construction contract worth $242mn with the Ministry of Municipal & Rural Affairs (MMRA). Under this 24-month contract, ARDCO will develop the Atiqa Central market for vegetables and fruits in Riyadh, which includes retail outlets, trade fairs and parking areas. This project will be financed by the company’s own resources. (GulfBase.com)  Al Hokair plans listing on Tadawul in 2014 – Saudi-based Al Hokair Group is planning to list on the Saudi Stock Exchange (Tadawul) in 2014. According to sources, Al Hokair could be valued at around $680mn based on a potential valuation of about 13 times to its net profit. (Reuters)  UBF: UAE banks prepare for more self regulation – The UAE Banks Federation’s (UBF) Chairman Abdul Aziz Al Ghurair said that banks in the Emirates are preparing for more self regulation. Al Ghurair said that UBF will have the credit bureau in operation and will work closely with the UAE Central Bank to ensure increased focus on asset quality and improved transparency in the banking sector. These new regulatory efforts are aimed at making the banking sector more transparent and customer friendly, he added. (Bloomberg)  UAE-Hong Kong trade up 8% YoY to $3.5bn – The Hong Kong Trade Development Council (HKTDC) deputy director for the Middle East Ali Fakha said exports between the UAE and Hong Kong reached $3.5bn in the first nine months of 2013, recording a rise of 8% YoY and is expected to surge further in 2014. (GulfBase.com)  Dubai to publish new standards for Islamic bonds – The Dubai Financial Market’s (DFM) Chairman Essa Kazim said that Dubai expects to publish new standards for issuing and trading Islamic bonds within one or two weeks, which it hopes will become adopted globally. Kazim expects a total of $16bn worth of sukuk to be listed in Dubai by the end of 2013. According to Thomson Reuters, new global issuance of sukuk has grown rapidly and is projected to reach $237bn in 2018, up from an estimated $100bn in 2013. (Reuters)  DIA’s passenger traffic rises 15.1% in October – According to Dubai Airports Company’s (DAC) figures, passenger traffic at Dubai International Airport (DIA) rose 15.1% YoY (+15.9% YTD) to reach 5.7mn in October 2013. This is DIA’s 10th consecutive month of registering more than 5mn travelers. Meanwhile, aircraft movements totaled 32,279 in October, indicating a rise of 9.1% YoY (+7.8% YTD). (Bloomberg)  Arabtec to raise stake to 98% in Target Engg – Arabtec Holding has entered into a definitive agreement to increase its stake in Target Engineering Construction Company (Target Engg) to 98% for a value of AED270mn, with Target Engg’s senior management retaining the remaining 2% stake. Arabtec had acquired 60% stake of Target Engineering in 2007. This acquisition supports Arabtec’s strategic expansion in the EPC segment of the oil & gas and power sectors. This transaction will be funded by the proceeds from Arabtec’s recent rights issue. (DFM)  Damac to cut IPO value as shares priced at lowest – According to sources, Damac Real Estate Development Ltd. is cutting the size of its IPO and will likely price shares at the bottom of the range. The offering in London is expected to raise $400mn, down from an earlier target of $500mn, with the global depositary receipts likely priced at the bottom of the $12.25 to $17.25 range. The closing of the IPO has also been postponed until December 2. Al Firdous Holding and Sahira Company, controlled by Damac Properties Development Company founder Page 3 of 5
  4. 4. Hussain Sajwani, are planning to sell as much as 18.8% of the new real estate company. (Bloomberg)  ASMAK plans to set up Middle East's first onshore salmon fish farm – The International Fish Farming Holding Company (ASMAK) is planning to set up the Middle East's first onshore salmon fish farm in chilled onshore pools. This AED100mn project includes developing a 500,000 square meters landbased Recirculation Aquaculture System farm, which will take sea water, chill it and then re-use it. The company will harness technology honed in Scandinavian fish farms in a bid to provide affordable alternatives to local fish such as grouper. This will provide salmon fish at a price competitive with imports from Norway or Ireland. (Reuters)  MEED: Kuwaiti contracts to break record in 2014 – According to MEED, Kuwait looks set to achieve a recordbreaking year in 2014 in terms of contract awards. Contracts worth more than $24bn are expected to be awarded in 2014, which is double the value of the contracts awarded in 2013. Many of these opportunities will be from Kuwait’s oil & gas sector with various engineering, procurement & construction (EPC) bids to be submitted over the next three months for clean fuels project (CFP) and lower fars heavy oil scheme. (GulfBase.com)  Al Madina F&I appoints CEO – Al Madina for Finance & Investment Company (Al Madina F&I) has appointed Abdulmutaleb E. A. Khraibut as the company’s CEO. (DFM)  Sohar Port receives 3 Post Panamax ship-to-shore container cranes – Sohar Port has received three new Post Panamax ship-to-shore container cranes. These gantry cranes were built to order by ZPMC in China. These new cranes can handle very large container ships, which will help shipping lines to reduce their costs. (GulfBase.com)  OETI appoints financial controller, legal adviser – The Oman Education & Training Investment Company (OETI) has appointed Mohammed Ali Mohammed Habayeb as the Financial Controller for the parent company. The company has also appointed Mohammed Ibrahim–Law Firm as a legal adviser. (MSM)  CBB’s Sukuk Al-Salam securities oversubscribed by 102% – The Central Bank of Bahrain’s (CBB) monthly issue of Sukuk Al-Salam Islamic securities worth BHD36mn has been oversubscribed by 102%. This issue carries a maturity of 91 days, which will mature on February 26, 2014. The expected return on the issue is 0.85%, which remains unchanged over the previous issue. (GulfBase.com) Page 4 of 5
  5. 5. Rebased Performance Daily Index Performance 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 0.6% 0.6% 0.3% 147.6 0.0% 0.2% 130.1 (0.2%) (0.6%) S&P Pan Arab S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro Source: Bloomberg Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,242.82 (0.7) (0.1) (25.9) DJ Industrial 16,072.80 0.0 0.0 22.7 19.87 (1.9) (0.0) (34.6) S&P 500 1,807.78 0.3 (0.0) 26.7 110.88 (0.1) (0.1) (0.2) NASDAQ 100 4,017.74 0.6 0.7 33.1 3.87 0.5 2.6 13.0 STOXX 600 322.20 (0.6) (0.2) 15.2 115.00 (1.8) (4.0) 28.5 DAX 9,290.07 (0.1) 0.8 22.1 136.38 (2.6) (4.6) (21.1) FTSE 100 6,636.22 (0.9) (0.6) 12.5 1.36 0.5 (0.1) 2.8 101.29 (0.4) 0.0 16.8 Nikkei GBP 1.62 0.1 (0.2) (0.4) CHF 1.10 0.3 (0.0) 1.0 AUD 0.91 (0.9) (1.3) (12.7) USD Index 80.61 (0.4) (0.1) RUB 32.98 0.1 0.7 BRL 0.44 (1.0) (1.5) (11.3) Yen Dubai Jul-13 Abu Dhabi QE Index May-12 Dec-12 Oman Oct-11 (0.7%) Bahrain Jan-10 Aug-10 Mar-11 (0.4%) (0.5%) Qatar (1.0%) Saudi Arabia (0.6%) Kuwait 118.1 4,277.57 (0.6) (0.1) 17.4 15,515.24 (0.7) 0.8 49.3 MSCI EM 1,005.40 (0.5) (0.4) (4.8) SHANGHAI SE Composite 2,183.07 (0.1) (0.6) (3.8) HANG SENG 23,681.30 (0.0) (0.1) 4.5 1.1 BSE SENSEX 20,425.00 (0.9) 1.0 5.2 8.1 Bovespa 51,446.90 (1.6) (2.5) (15.6) 1,416.43 (1.2) (2.0) (7.2) Source: Bloomberg CAC 40 RTS Source: Bloomberg Contacts Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui Head of Research Head of Trading Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa QNB Financial Services SPC Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 5 of 5